My First $1 Million: Retired Senior Policy Analyst, 64

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The Basics
The Fun Stuff
Looking Back
Looking Ahead

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Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 64-year-old retired senior policy analyst who is married and lives in Washington, D.C. She has worked in both the private and federal industries.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

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Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

How They Made Their First Million: The Garbage Man - The Writer - The Teacher. - YouTube

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The Basics

How did you make your first $1 million?

I grew up with no extras in one of the poorest areas of the city. My pre-Internet escapes were books, which allowed me to virtually go anywhere in the world and to read how the self-made wealthy individuals got their millions.

Subsequently taller stacks of cash against a bright green background.

I admire the financial acumen of Jack Welch, Madam C.J. Walker, Suze Orman, Oprah Winfrey and Bill Gates and applied what I could to fit my financial life.

One of the lessons learned: "Buy low, sell high."

The first home I bought, at 26, was a condo that I got for a song, which later appreciated tenfold and allowed me to upgrade to my next home.

I began saving during my first summer job at 14 and developed the habit of living on only about 60% of what I made.

I contributed the max regularly to public and private 401(k)s and, when eligible, made catch-up contributions.

Along the way, I married and had children, so my first million didn't come until 40.

My husband and I have joint accounts. However, we agree on personal individual accounts to save, invest, spend or play without risking family joint finances.

A pair of champagne bottles chilling on ice.

Following the advice of Ms. Orman, extra house payments were made to ensure the mortgage was paid off prior to retirement.

What are you doing with the money?

My millions have remained in stocks, bonds, cash and real estate. Cryptocurrency scares me.

My early book-reading gave me a thirst for travel and adventure, so my children have had the benefit of visiting over 25 countries.

The Fun Stuff

Did you do anything to celebrate?

Yes, I kept saving, made sure my children graduated college with no debt and kept feeding my thirst for travel and new adventures.

Grid of travel-related symbols such as airplanes, the Eiffel Tower, surfboards and location pins.

What is the best part of making $1 million?

The financial peace of mind you get from not having to worry about money or your financial future.

Did your life change?

While I am very comfortable financially, inside, I am still the little girl who shops the sales rack. You won't find me carrying a Birkin bag or any other frivolous status symbol.

However, my love of travel is easier met.

Does anyone know you're a millionaire?

My husband knows, of course, and my children know. My children also understand that if Mom can overcome her circumstances, then they have more than a fair chance of earning their own millions.

Did you retire early?

I retired at 63.

Looking Back

Anything you would do differently?

In hindsight, I would have taken financial management courses in college, gotten into the stock market earlier, and I would have managed credit better in my early 20s.

What advice would you give to your younger self?

Begin earlier, stay focused and don't forget to have fun.

Did you work with a financial adviser?

I did not work with a financial adviser. Jack Welch wasn't available. Most of the advisers I met over the years were working stiffs trying to get to their millionaire status with my money.

Someone who hasn't made millions can't tell me how to get there.

Did anyone help you early on?

Watching my mom and dad make a dollar stretch made me appreciate the power of earning and to differentiate between "wants" and "needs."

Looking Ahead

Plans for your next $1 million?

I would like to begin passing down generational wealth, so helping my children buy their first homes is definite.

Any advice for others trying to make their first $1 million?

I tell my financially independent children to stay invested in the stock market through the ups and downs. For the bargain hunters, when the market is down, buy more reliable stocks that are now "on sale."

Keep taking advantage of the free money you get in your company's matching 401(k) contributions.

Don't try to keep up with the Joneses, because they may be overextended.

Live below your means.

Do you have an estate plan?

I have a revocable trust and medical power of attorney because the millionaires I admire, and mentioned earlier, have them.

What do you wish you'd known …

When you first started saving? The value of compounding and cost averaging.

When you first started investing? The need for diversification and risk-taking.

Before you retired? I wish I had known that I could have retired at 59.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

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As Contributed Content Editor for the Adviser Intel channel on Kiplinger.com, Joyce edits articles from hundreds of financial experts about retirement planning strategies, including estate planning, taxes, personal finance, investing, charitable giving and more. She has more than 30 years of editing experience in business and features news, including 15 years in the Money section at USA Today.